total KENYA is a distribution arm,at least this is what (some) share holders were lead to believe and thus no record profits when oil prices were crazy high and all international oil companies were reporting dizzing profits. As a distribution arm,all they do is add service charge and profit to the oil price.

so margins shouldn't change as prices drop.

ps. this is also a low volume traded share which delivered a steady divided,however if you review it historically,it never rises with the market,its owners are in it for the divided,they dont trade much. for the small investor (the under 500K bunch) this stock is a waste of time.